PH exports up by
18.34% in Q1
May 12, 2017
MAKATI CITY –
Philippine exports for the first quarter of 2017 grew by 18.34% after
it reflected double-digit growth for March 2017 with 21% total
increase amounting to $5.58 billion compared to $4.61 billion recorded
value in the same period in 2016, Department of Trade and Industry
In the recent report of the
Philippine Statistics Authority (PSA), the increase for March 2017
exports data, an almost double of the 11% year-on-year growth figure
posted in February this year, further lifted the cumulative value of
merchandise exports covering the period January-March 2017.
“Increase for March 2017
exports marked the fourth consecutive positive growth in the value of
Philippine merchandise exports since December 2016,” explained DTI
Export Marketing Bureau Director Senen M. Perlada.
For March 2017, electronics
remained to be the country’s top export with total receipts of $2.80
billion, accounting for 50.2% of the total exports revenue in March
2017. It increased by 19.0% from $2.36 billion registered in March
On the other hand, exports
of manufactured goods were valued at $4.69 billion, accounting for
84.1% share of the total export receipts in March 2017, went up by
16.5% from $4.03 billion recorded in the same month last year.
United States (including
Alaska and Hawaii), with export receipts valued at $809.93 million,
topped other countries as the Philippine top export market for March
2017. It is followed by Hong Kong with revenue amounting to $798.25
million, and Japan as third market with $762.43 million export sales.
By economic bloc, East Asia
registered to be the top destination of Philippine goods with 46.4%
share to total exports, followed by European Union with 16.2% share to
total merchandise exports. ASEAN ranked third with 14.9% share in
overall Philippine exported goods.
Against other trade-oriented
economies, the Philippines landed at third place among the top export
performers for March 2017, a major leap after landing 9th place for
February 2017. Malaysia topped the list with 24.1% export growth
followed by Indonesia with 24% for March 2017.
PH outward shipments for Q1
Covering the first quarter
of the year, exports of Philippine electronic products increased
significantly by 15.27% while non-electronic goods also posted
+21.48%. Positive performance of the five out of nine subsectors of
the electronics industry drive growth which contributed 96.65% share
in the cumulative total value of the industry. Semiconductors, which
grew +16.3% in the first quarter of 2017, remained to be country’s top
Increase for non-electronic
goods was driven by the triple-digit growths in Forest Products
(+168.1%) and Coconut Products (+133.1%). The rest of the contributing
commodities exhibited double-digit increases ranging from 18.7% to
89.4% except for Basketwork (+8.1%) and Travel Goods and Handbags
Top markets for Q1
Except for Japan, cumulative
value of export shipments to top market destinations of the country
posted substantive growths in the first quarter of 2017. Combined
markets of China and Hong Kong with a share of 23.6% which also grew
by 35.94% topped the list of exports destinations. Second to the list
with total 15.49% share was USA which rose by 13.66%; followed by
Japan with 15.34% total share of exports which declined by 17.41%.
In terms of year-to-date
export growth, shipments to the Netherlands, which has 4.12% share in
total exports, reflected the highest growth with 55.98%.